Corn futures slipped after hostilities between the US and Iran eased, while traders monitored hot weather in the US that could impact crops, Bloomberg reports.

The most-active futures in Chicago dropped as much as 1.3 per cent, extending declines for a second session. Washington and Tehran have agreed to stop attacking each other before peace talks resume this week over the Strait of Hormuz and other issues, following a recent flare-up that tested a ceasefire.